MicroStrategy and Strive Expand Bitcoin Holdings With New Purchases
The companies collectively acquired 935 units of the cryptocurrency in recent asset expansion moves.
MicroStrategy acquired 811 Bitcoin units between late October and early November. The total investment reached 65.5 million dollars at an average price of 80,846 dollars per asset.
With this move, the company led by Michael Saylor increased its total reserves to 849,327 coins. The historical cost accumulated by the firm now reaches 64.1 billion dollars.
To fund the operation, the organization sold 1.18 million common shares for 164 million dollars. The surplus of 98.5 million dollars remains in cash as the company also repurchased preferred shares.
Strive also participated in the trend by adding 124 Bitcoin units to its portfolio last week. The two companies added a total of 935 coins to the institutional market in the recent period.
MicroStrategy's third-quarter financial results showed a net profit of 19.5 billion dollars. The performance was driven by operational gains resulting from Bitcoin appreciation under fair value accounting standards.
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